I feel like there will be lots of people that are ready to get our of their home offices!

I would assume that you'd just simply sell each individual lot to the developer at a set lot price such that your cost to purchase the raw land and improve it to buildable lots was worth the proposed profit per lot.  

We basically want property to generate some cash flow and long term appreciation.

Hey Vishal, welcome to BiggerPockets!

Even if it is just a walkaround and not measuring anything; the contractor should be there if you are new to this to give you an estimate.. 

The joke used to be that you needed to wait only long enough to put one pen down and pick up the other pen.A refinance is not a taxable event. 

Bonus depreciation is just a special part of the US tax code.It allows you to take accelerated depreciation on portions of your property depending on when an asset is put into service.At the time of this writing, you can write off a huge portion (60% in 2024) of many qualified components that have a useful lifespan of 15 years or less.That means a certain percentage of things like landscaping, sidewalks, latches, appliances, fences, certain flooring, etc is depreciable in year 1.The bonus depreciation rate percentage changes yearly depending on the administration and the tax code.For years 2015 through 2017 first-year depreciation for all the items on a 15-year schedule or less was set to 50%.It was scheduled to go down to 40% in 2018 and 30% in 2019 and then 0% in 2020.But then Trump got elected, and he enacted the Tax Cuts and Jobs Act.That moved the bonus depreciation percentage to 100% from 2017 to 2022.In 2023 it went down to 80% and it’s currently at 60%.Depending on who gets elected again, 100% may be back on the table.Only time will tell.We know that the US government wants to incentivize more development and ownership of RE.They want Americans to continue to build and maintain our physical world.That’s why real estate is one of the most tax-advantaged assets in the US.Depreciation and bonus depreciation for RE are very positive and will likely continue in the years ahead.

Purchase price: $160,000 Cash invested: $30,000 Took this home from bad to glam in 1.5 months for a healthy profit.

@Arvin Digma what are you looking to do next?

But I know sometimes I may need to sell to get a larger lump sum up front to help with lack of any other income currently.